Comprehensive Guide to SBI Personal Loan

Are you dreaming of going on a trip abroad, planning your ward’s wedding, thinking of renovating your house, purchasing a brand-new electronic gadget, or wondering where to get the funds to make payment for the emergency medical expenditure? When you require funds for short-term expenditures and plan to make repayment quickly, applying for a personal loan is the only answer. SBI, or State Bank of India, has various kinds of personal loans to match your individual situation. 

How can you place the application for an SBI pre-approved or regular SBI personal loan?

You can simply place the application for a personal loan at the State Bank of India in 2 major ways – 

Online – You can place the application online on the SBI site. For this, you just need to fill up some of the personal information like income, employment type, contact number and date of birth. Depending on the details inputted, the bank will check out your SBI pre-approved loan or regular loan eligibility and provide you with a loan quote. Next, you can place the filled-up application with the required documentation. Also, you can ask to be contacted by the bank’s representative for any other details on the loan application and offer. 

In-person – You can visit the nearest branch of SBI, collect the loan details on the offer, speak with the representative and place the application with the required documentation manually. 

SBI offers four kinds of personal loans to the customers – 

Xpress credit personal loan – 

Loan eligibility – Such loans are offered to state and central government employees, quasi-government organizations, central PSUs, and specific state educational institutions and PSUs. 

Income – There is a minimal monthly income parameter. Additionally, your EMI by NMI ratio must not surpass 50 per cent of your NMI (net monthly income). 

Loan proceeds – Maximum loan amount allowed is 24 times your net monthly income, which is capped at 15 lakhs. There are distinct offers under the kind of personal loan involving loans against rent receivables and loans against property. 

SBI saral personal loan – 

Loan eligibility – Self-employed and salaried individuals. 

Income – Personal loan proceeds depend on your repayment capacity and income. 

Loan proceeds – The maximum loan proceeds is 12 times the net monthly income of the customer, which may be up to Rs 10 lakh. 

Loan to pensioners – 

Loan eligibility – State government and retired central employees who are getting a pension and are not over 76 years of age can get a personal loan from the State Bank of India. Authorized spouses to draw a pension on the employees’ death are eligible to opt for a family pensioner loan. 

Loan proceeds – The maximum proceeds are capped at a pension of 18 months, subject to a specific age restriction. 

Festival loans – 

This personal loan is particularly provided to cover all additional expenditures that you may incur during the festival season. 

Loan eligibility – State or central government employees, public, PSUs or private companies with a minimum of two years of service, individuals with a periodic flow of income and self-employed individuals with a minimum of three years of experience. 

Income – A specific minimal net monthly income is a must. Your spouse’s earnings may be included when computing the loan proceeds if she/he guarantees the loan is availed jointly. 

Proceed – Loan proceed is determined by your repayment capacity and income and may range anywhere between Rs 5,000 and Rs 50,000 based on your monthly income. It is prudent to review the maximum and minimum loan proceeds, repayment tenure and rate of interest with the bank rep so that you get an accurate picture of the personal loan offer. 

What are the features of a State Bank of India personal loan?

The State bank of India has different kinds of personal loans. You can simply place the application for such loans online in a simple and hassle-free way. It has loans as per everyone’s wants and needs. They provide special instant loans for any type of emergency requirements. The basic features of the State Bank of India loan are provided below – 

Loan proceeds – 

State Bank of India provides you with a minimal amount that is 24 times your NMI and ranges anywhere between Rs 25,000 and Rs 20 lakh, whichever is lower. However, the State Bank of India overdraft loan provides you with a minimal proceed of Rs 5 lakh or 24 times your NMI, whichever is lower. 

Loan tenure – 

You are provided a period of up to 6 years to repay the instant personal loan availed from SBI. 

Rate of interest – 

The SBI personal loan begins with a minimal rate of interest of 8.6 per cent and may differ up to 15.65 per cent per annum. This depends on certain things, such as repayment capacity, borrower’s income, and loan type. 

Personal loan for all – 

Bank ensures various schemes which vary from one person to another as per their credit score and profession. To mitigate the financial demands of different categories of borrowers, the State Bank of India provides a wide variety of loans. For instance, there’s a personal loan for government employees. 

SBI personal loan types – 

SBI Kavach personal loan – 

You can get an instantaneous loan from the State Bank of India called Kavach personal loan for as high as Rs 5 lakh for the COVID treatment for both you as well as your family. Through this programme, SBI hopes to provide all its customers access to instant financial support during the COVID. Also, it includes a 3-month moratorium period. COVID reports must not be older than thirty days. Moreover, you are entitled to reimbursement for any healthcare expenses linked to COVID that you have earlier paid. This SBI loan has a rate of interest that begins at only 8.50 % annually and might readily be repaid over a period of as high as 5 years. This loan is just available to the non-salaried and salaried customers of the SBI. 

Like SBI Kavach personal loan, there are other personal loans like SBI Xpress Credit, Preapproved personal loan on YONO, SBI quick personal loan, and SBI pension loan. To calculate your suitable loan EMI, you can take the help of the SBI personal loan EMI calculator.